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Rich Get Richer: TVA CEO is getting a raise

Tennessee Valley Authority CEO Bill Johnson, the nation's highest-paid federal employee, is receiving a 5.5 percent pay raise.

Posted: Nov. 10, 2017 3:54 PM
Updated: Nov. 10, 2017 3:54 PM

CHATTANOOGA, Tenn. (AP) - The Tennessee Valley Authority is raising the pay of its CEO after the utility lowered its carbon emissions, injury rates and costs.

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News outlets report TVA's board of directors voted Thursday to increase Bill Johnson's salary by 5.5 percent. Johnson was paid nearly $5 million in fiscal 2016, with a reported base salary of roughly $995,000.

The compensation package for Johnson, the highest-paid federal employee in the nation, is more than $6 million, including retirement and other benefits. The board says Johnson's pay is still low compared to salaries of utility companies not in public service.

The Knoxville-based TVA was established by an act of Congress in 1933 to help the Tennessee Valley overcome environmental and economic problems. TVA provides power for Tennessee and parts of six bordering states.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

11/10/2017 1:15:36 PM (GMT -6:00)

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